Privileges Of Parenthood…The Top 10 Kiddie Tax Benefits

IRS Reminds Parents of Ten Tax Benefits 

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year.

1. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. Child Tax Credit: You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit.

3. Child and Dependent Care Credit: You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. See IRS Publication 503, Child and Dependent Care Expenses.

4. Earned Income Tax Credit: The EITC is a tax benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. IRS Publication 596, Earned Income Credit, has more details.

5. Adoption Credit: You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents.  For details, see the instructions for IRS Form 8839, Qualified Adoption Expenses.

6. Children with earned income: If your child has income earned from working, they may be required to file a tax return. For more information, see IRS Publication 501.

7. Children with investment income: Under certain circumstances a child’s investment income may be taxed at their parent’s tax rate. For more information, see IRS Publication 929, Tax Rules for Children and Dependents.

8. Higher education credits: Education tax credits can help offset the costs of higher education. The American Opportunity and the Lifetime Learning Credits are education credits that can reduce your federal income tax dollar-for-dollar. See IRS Publication 970, Tax Benefits for Education, for details.

9. Student loan interest: You may be able to deduct interest paid on a qualified student loan, even if you do not itemize your deductions. For more information, see IRS Publication 970.

10. Self-employed health insurance deduction: If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage for any child of yours who was under age 27 at the end of the year, even if the child was not your dependent. For more information, see the IRS website.

This last one is a good tip to ask a Laughlin Associates business consultant about. As the leading incorporation services provider since 1972, we can help you as a small business owner to get the most out of your tax deductions. In fact, if you’re self-employed we can help you get as much 45% back on your taxes this time next year. Want to learn more? Call Laughlin Associates at 1-800-648-0966 or email lee@laughlinusa.com.

*Tips provided by IRS.gov

President Appoints SBA Administrator As Cabinet Member

Last Friday, President Obama announced that SBA Administrator, Karen Mills’, position was moved to Cabinet status. Reports state that, “President Obama actions are a reflection of the importance he places on small business, economic growth, and job creation.”

The SBA explained that the President,  “Asked Congress for the authority that Presidents like Hoover and Reagan have had to reorganize and modernize the federal government.  This authority lapsed in 1984, but, today, the federal government needs to be updated to ensure that it meets the demands of entrepreneurs and small business owners in the 21st century.”

Karen Mills went on to say in an article on www.sba.gov that,  “The President’s first proposal under this authority would be to create a unified department focused on economic growth and job creation, so that we can be more effective at helping businesses do what they do best – create jobs.”

“For the entrepreneurs and small business owners that SBA and other agencies serve, this is very good news.  A more integrated approach would ensure that small businesses would have access to all of the federal government’s programs in a more seamless, coordinated, and coherent way.”

Mills continued, “I’m honored to become a member of the President’s Cabinet, and I’ll continue to provide input to the President on how we can grow the economy and empower entrepreneurs and small business owners.  At the SBA, we will work to build on the accomplishments we’ve made over the past three years, such as the record $30.5 billion in SBA lending support we provided to over 60,000 small businesses last year.”

So what are your thoughts on the President’s move to make the SBA a higher priority?

Is this a strategic effort on his part to gain votes from skeptical Americans who’ve continued to see consistent job loss and economic downturn?

Or is this is a geniune effort to get America back to work?

Give me your feedback here or drop me a line at aaronyoung@laughlinusa.com  and tell me what you think.

CEO SPACE Endorses Laughlin Associates As Their Exclusive Incorporation Services Provider

Carson City, NV—CEO SPACE, the largest entrepreneur support program in the world, has exclusively endorsed Laughlin Associates as the premier incorporation services provider for small business owners looking to form an LLC or Corporation.

Says CEO Space Founder Berny Dohrmann, “CEO SPACE has created what we call Trade Show 3.0. This revolutionary model of cooperative capitalism ensures that the diverse needs of our members are constantly being met. The 5 times per year CEO Space forums bring together hundreds of business owners, angel investors, and corporate leaders in a community of support with a focus on hyper-growth opportunities  There is no selling, just sharing, and potential clients can decide if the math makes money sense for their business.”

Many Laughlin clients have benefited from CEO SPACE affiliation for years but with this alliance they now formally endorse Laughlin Associates as their exclusive incorporating recommendation for their 80,000 members nationwide. Laughlin offers Corporation and LLC formation in all 50 states in the U.S.

Aaron Young, Laughlin Associates’ CEO, is particularly encouraged about the CEO SPACE endorsement, “Our two teams have now become one family and we love supporting one another’s customers with a kind of sacred regard for entrepreneurs.”

Young will now participate on the prestigious CEO SPACE faculty board, where he will teach along-side the likes of Les Brown, Bob Proctor, T. Harve Eckert and other well-known professional speakers and business coaches.

Young further explained how the affiliation between CEO Space and Laughlin Associates is such a natural fit for small business owners looking to accelerate their wealth and success.

“We know how hard it is to run a small business. I’ve been there. I live this every day. At Laughlin, we help remove the burdens associated with running a business. Our goal is to help you speed things up and help you make a lot of money faster. We believe the affiliation with CEO SPACE is a recession buster for all of our customers. Our clients can prosper in the double dip and we plan to make sure they do,” Young concluded.

The partnership between Laughlin Associates and CEO SPACE will provide clients with the opportunity to reclaim some tax dollars, substantially upgrade their business skills, improve their business plans, open new markets, get new customers, infuse capital into their businesses, develop upgraded branding strategies, and resolve challenges while saving oceans of time and money.

Young believes the materials and training resources found at CEO SPACE to be one of a kind. “The solutions provided at CEO SPACE are truly off the charts from anything small business owners have previously seen.

He continued on to say, “If you want to make more money faster, I can’t recommend CEO SPACE enough. My request to clients is that they explore CEO SPACE as a hyper-growth opportunity – just dip your toe in the water and see if you are not delighted with the help and support you discover from this affiliation. I am really excited about this alliance. Now we can do even more to benefit the clients we cherish so much.”

 For more information regarding the partnership between Laughlin Associates and CEO SPACE please contact Shannon John, Marketing Manager, at 1-800-648-0966 or sjohn@laughlinusa.com. All media inquiries welcome.

About Laughlin Associates

Laughlin Associates is the foremost leader in corporate formation and business management services. With almost forty years providing U.S. corporations, LLCs and trusts with expert advice, Laughlin has been the trusted resource in providing strategic consulting, accredited training programs and technical resources for more than 80, 000 companies. 

About CEO Space

CEO Space is a global organization in their third decade of serving business owners, executives, and entrepreneurs in over 140 countries. Members use CEO Space as an innovative resource to reduce the time and cost to reach their growth goals.

 

 

 

 

 

 

 

Incorporation Services Provider, Laughlin Associates, Awards Female Entrepreneur With $1,000 Scholarship At An Empowered Woman Event

As the CEO of Laughlin Associates, leader in small business incorporation services and seminars for small business, I was lucky enough to be on hand for the launch event of the An Empowered Woman Foundation on September 11, 2011.

Laughlin served as sponsor of the “Do I Feel Lucky” scholarship that was awarded to Bridgette Shemone, a Northern California actress and entrepreneur.

The event took place on the largest yacht in Marina Del Rey, CA. Among the guests and participants were financial guru, Loral Langemeier, Radio Personality and author, Les Brown, and CEO Space California President, Chimene Holmes.

The An Empowered Woman Foundation (AEWF) was organized to assist women striving to start a business but are in need of resources including mentoring and funding. Each year the foundation will sponsor 100 aspiring entrepreneurs and help them on their path to business development.

The scholarship winner, Shemone, accepted her winnings and promptly returned that amount back to the AEWF to help future female entrepreneurs achieve success and reach their dreams.

Desiree Doubrox, the CEO of An Empowered Woman, enthusiastically declared, “Now that’s what I call ‘An Empowered Woman!’” when asked about Shemone’s donation of her scholarship funds.

The AEWF mission is to annually support 100 women in launching a sustainable business that would positively impact their families and communities. This mission is supported and actualized by companies like Laughlin Associates that are contributing education and resources to assist such female entrepreneurs. For more information visit www.AEWFoundation.org.

 Laughlin Associates offers small business incorporation services in all 50 states, seminars for small business, advice for entrepreneurs on choosing an LLC vs. a Corporation, consultations on how to properly protect your assets, and Nevada resident agent service.

*Thank you to Ian Foxx of Foxx Media Group for the photos from this event.